Albania to Lure Foreign Pensioners with New Tax Regime

Albania to Lure Foreign Pensioners with New Tax Regime

TIRANA, January 27

Albanian authorities plan to adopt an amendment to the tax regime for foreign pensioners. The goal is to attract all those retired foreigners, who are eying for sunny places and friendlier tax regimes.
According to Top Channel, the draft initiated by the office of the Minister of State for Diaspora was submitted to the Parliament for approval.
The bill will introduce a special tax regime on personal income tax for different categories of foreign pensioners.
Moreover, the bill defines that even citizens of Albanian origin, who are entitled to a pension in another country can be beneficiaries of the new tax regime.
Therefore, pensioners from the EU countries will benefit a cut on personal tax upon obtaining a residency permit. Meanwhile, pensioners from other countries can benefit from the new tax regime at the moment they obtain Albanian citizenship.
Given that foreign citizens can obtain a residence permit through the purchase of real estate, the initiative is expected to attract pensioners from the European Union.
Currently, there is a considerable number of elderly investing in real estate in cities like Vlora and Saranda due to easy access by sea and air from Italy and Corfu Island.

Read also:
Visa and Residence Permits for Foreigners in Albania
Real Estate in Albania

Source: TCh

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